Standard Bank, General Electric vow to power Africa

Standard Bank, Africa’s largest lender by assets, and General Electric on Tuesday reaffirmed their commitment to Africa at a power financing roundtable held in Washington DC. The partnership sees both parties aiming to bridge the power financing gap in Africa and forms part of the US Africa Leaders’ Summit, the largest gathering of African heads of state and government as well as key stakeholders to visit Washington on any one occasion.
The strategic partnership has already seen both companies commit to a $350 million financing agreement aimed at improving access to power infrastructure in Africa.
Africa needs to add an extra 300 gigawatts (GW) of power generating capacity over the next 15 years in order to meet demand which is expected to grow at an average annual rate of 3 percent over the next two decades.
According to the International Energy Agency, sub-Saharan Africa requires more than $300 billion in investment to achieve universal electricity access by 2030.
Mr Sim Tshabalala, Chief Executive Standard Bank Group, says solutions to meet Africa’s growing energy demands will only be possible once developers, governments and funders reach a common understanding of the risks, pricing and regulatory imperatives needed to facilitate the required investment.

APA

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